IDP Education (ASX:IEL) to acquire Intake Education for $83m

• IDP Education (IEL) is acquiring student placement agency Intake Education for up to $83 million
• Intake Education predominantly operates in African and Asian countries to connect students with education opportunities in English-speaking countries
• IDP says the acquisition is set to accelerate its growth ambitions, complementing its global network
• The company expects the deal to be finalised in November
• Company shares have ended the day 2.32 per cent in the green to close at $28.27 each

IDP Education (IEL) is acquiring student placement agency Intake Education for up to $83 million.

The global education services company entered a binding agreement with Intake to help more students access international education.

Established in 1993, Intake has operations in Nigeria, Ghana, Kenya, Philippines, Thailand, India, Taiwan and the UK.

The education advisory company connects students with education opportunities in English-speaking countries.

IDP Interim CEO Murray Walton said Intake’s geographic footprint complemented IDP’s global network.

“Intake is the market leader for UK study in several countries and has the largest and most respected agency in West Africa, which will accelerate IDP’s growth ambitions in this emerging region,” Mr Walton said.

Intake Education’s CEO, Pieter Funnekotter, said joining IDP would make it a stronger company.

“By Intake joining IDP’s team, we will help grow the international education sector and create a new standard for how we support students to achieve their global goals.”

IDP said it expected the agreement will be finalised in November and would fund the acquisition through a mix of existing cash and debt.

Company shares ended the day 2.32 per cent in the green to close at $28.27 each.